I2U2 has set positive agenda, good model for practical cooperation: PM
It is clear that both the vision and the agenda of I2U2 are progressive and practical, Prime Minister Narendra Modi said on Thursday while addressing the first virtual summit of the four-nation grouping.
Besides Modi, the virtual summit was attended by US President Joe Biden, Israel Prime Minister Yair Lapid and UAE President Mohammed bin Zayed Al Nahyan.
Modi said the grouping will make important contributions in areas of energy security, food security and economic growth. “This is a meeting of strategic partners in the true sense. We are all good friends, and we all have common perspectives and common interests as well,” he said.
I2U2 has set a positive agenda right from Thursday’s first summit, he said.
Modi noted that the grouping has identified joint projects in many areas, and prepared a road map to move forward.
The 12U2 grouping was conceptualised during the meeting of foreign ministers of the four countries held on October 18 last year. It intends to mobilise private sector capital and expertise to help modernise infrastructure, low carbon development pathways for industries, improve public health, and promote development of critical emerging and green technologies.
“Under the I2U2 framework, we have agreed to increase joint investment in six key areas — water, energy, transport, space, health, and food security,” Modi said. “It is clear that the vision and agenda of I2U2 is progressive and practical. By mobilising the mutual strengths of our countries — capital, expertise and markets — we can accelerate our agenda, and contribute significantly to the global economy.”
He said: “Our cooperative framework is also a good model for practical cooperation in the face of increasing global uncertainties. I am confident that with I2U2, we will make significant contributions to energy security, food security and economic growth on a global scale.”
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Addressing the media in New Delhi, Foreign Secretary Vinay Kwatra said the Prime Minister held “purposeful talks” with leaders of the 12U2 nations on strengthening the economic ties in our region and beyond. “It was broadly aimed at encouraging joint investment in water, energy, transportation, space, health and food security,” he said. “The grouping aims to mobilise private sector capital and encourage economic cooperation.”
He said it will meet regularly but the periodicity has to be finalised. The summit is being seen as the Quad for West Asia.
Kwatra said the framework is broadly aimed at encouraging joint investment in water, energy, transportation, space, health and food security. The Foreign Secretary said that the grouping aims to mobilise private sector capital and encourage economic cooperation.
In its first leaders’ summit on Thursday, the grouping unveiled initiatives focused on food security and clean energy, including a $2-billion programme to develop food parks across India and a hybrid renewable energy project in Gujarat.
